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Answer this question on a single sheet of paper that you then scan to a PDF file and attach using the "Browse My Computer Button below. For each part, make sure you show all your work. Please label your answer to each part, e-8. Part A, Part B, etc. A consumer's utility function is given by U = 0.5LN(F) + 0.5Ln(C), where Fis the quantity of food consumed, C is the quantity of clothing consumed, prices of the goods are PF and Pc and income is 1. [As usual, Ln stands for natural log1 A. For the above utility function, does food (F) exhibit diminishing marginal utility Briefly but carefully Justify your response using calculus. B. Using calculus, derive an expression (formula) for the MRS of F for C for this utility function. Be sure to show all your work/derivations C. Suppose PF - 1, PC -2, and the consumer's income, I = 100, calculate the utility-maximizing quantities of the two goods (F*, C"), Show all your work. Attach File Browse Local Files Browse Content Collection QUESTIONS 1 points S.
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